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zlopas [31]
3 years ago
11

Joe runs a restaurant. He pays his employees​ $200,000 per year. His ingredients cost him​ $50,000 per year. Prior to running hi

s​ restaurant, Joe was a lawyer earning​ $150,000 per year. What would economists say is​ Joe's cost of running the​ restaurant?
Business
1 answer:
Elanso [62]3 years ago
3 0

Answer:

Cost incurred while running a restaurant:

Salary paid = $200,000 per year

Ingredients cost =  $50,000 per year

Before running this restaurant, he was earning $150000 per year.

Here, we are using a concept called opportunity cost.

Opportunity cost refers to the benefit of a commodity that is forgone to produce one extra unit of some other commodity.

It is also refers to the value of next best alternative that is given up by choosing some other alternative.

In this question, opportunity cost of running a restaurant is the income that is earned when he was a lawyer, i.e, $1,50,000 per year. This is the income that is foregone when he started running a restaurant.

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All the following are examples of start-up costs EXCEPT
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A . payroll taxes.

Explanation:

Payroll taxes are imposed on the employers or employees of the company. In the examples of the question, the costs except for the payroll taxes are all paid by the company. Besides, payroll taxes are also not taxed on the company instead of on the employees' wages, which is funded by them. That is why all the examples are start-up costs except the payroll taxes

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3 years ago
Brian and Debbie must prepare a presentation for their Statistics class. As part of their presentation, they must do a series of
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Answer:

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Debbie: 10 hours for PowerPoint and 6 hours for the calculations, total 16 hours.

In total they would spend 26 hours combined.

If they divide the work equally, they will spend too much time.

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Brian will spend 10 hours doing PowerPoint slides and Debbie will spend 12 hours doping calculations. Total time spent 22 hours. By specializing they will save 4 hours.

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Correct option is C.

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The full capacity AS curve is a long-run AS curved and it is vertical as the potential output level is denoted by it with the fully employed resources.

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Suppose a company selling in various country markets makes statements such as "we know what the customer wants, and he or she wi
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